TC Energy Corporation (NYSE:TRP) Receives Consensus Recommendation of “Moderate Buy” from Analysts

TC Energy Corporation (NYSE:TRP) (TSE:TRP) has earned a consensus rating of “Moderate Buy” from the fifteen research firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $92.00.

Several research analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of TC Energy in a research report on Friday, July 31st. TD Securities upgraded shares of TC Energy from a “hold” rating to a “buy” rating in a research note on Monday, September 14th. Barclays reiterated an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. Jefferies Financial Group upgraded TC Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 1st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $99.00 price target on shares of TC Energy in a research report on Friday, July 31st.

TC Energy Trading Up 1.4%

Shares of TRP opened at $58.60 on Friday. The business’s 50-day moving average price is $62.79 and its 200 day moving average price is $65.03. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $58.60 billion, a P/E ratio of 24.32 and a beta of 0.70. TC Energy has a 1-year low of $49.27 and a 1-year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the company posted $0.82 earnings per share. Analysts expect that TC Energy will post 2.78 earnings per share for the current year.

TC Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a C$0.88 dividend. This represents a $3.51 annualized dividend and a yield of 6.0%. The ex-dividend date is Tuesday, September 29th. TC Energy’s payout ratio is 104.98%.

Hedge Funds Weigh In On TC Energy

A number of institutional investors have recently modified their holdings of the company. QRG Capital Management Inc. grew its stake in TC Energy by 27.8% in the 2nd quarter. QRG Capital Management Inc. now owns 5,506 shares of the pipeline company’s stock valued at $365,000 after buying an additional 1,197 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in TC Energy by 1.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,946 shares of the pipeline company’s stock worth $1,519,000 after acquiring an additional 257 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in TC Energy by 39.9% during the second quarter. Envestnet Asset Management Inc. now owns 1,878,251 shares of the pipeline company’s stock valued at $124,481,000 after acquiring an additional 535,279 shares during the period. Wellington Altus USA Inc. boosted its holdings in TC Energy by 24.1% during the second quarter. Wellington Altus USA Inc. now owns 5,255 shares of the pipeline company’s stock valued at $351,000 after acquiring an additional 1,020 shares during the period. Finally, Core Capital Management & Research inc. acquired a new stake in shares of TC Energy in the second quarter valued at about $91,000. Institutional investors own 83.13% of the company’s stock.

TC Energy Company Profile

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its pipeline network transports natural gas from producing regions to utilities, industrial customers, power generators and export markets, while its storage facilities help support seasonal and daily demand.

The company’s operations are concentrated in Canada, the United States and Mexico. Its major systems include the Canadian Mainline, which connects Western Canadian natural gas supplies with markets in Eastern Canada and the United States, as well as U.S.